# Matthews International share price today (Matthews International Corporation, MATW)

> Matthews International Corporation's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. MATW · Industrials · Conglomerates · data as of 4 November 2026. Page: https://www.sectoralpha.in/us/stocks/matw

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## Key numbers

- Price: $20.32 (−11.7% in a year)
- P/E: 89.0×, too little history to compare yet
- Revenue (Jun 2026): $246 M (−29.6% on a year ago)
- Profit (Jun 2026): −$23.7 M (−254.0% on a year ago)
- Operating margin: −2.7% (−8.6 points on a year ago)
- ROE: −5%, FY25
- ROIC: 2.5%, against a −10.5% cost of capital: +13.0 points
- Profit that came in as cash: 574%, last 2 years

Biggest thing to watch: the price is not yet in a clear uptrend, so timing is the risk more than the business. ## What is the Matthews International share price today? Matthews International Corporation's share price was $20.32 at the close on 4 November 2026. That is 17.5% below its average price over the last 200 trading days. In the last 52 weeks it traded between $19 and $29, and at that close it sat 17% of the way up from that low. Over the past 13 weeks it has done worse than the S&P 500, and it has been behind for 27 weeks running. Over the last 1 year the share price moved −20% while the S&P 500 moved +23%, so it is behind the index over that whole period. It was last ahead over 13 weeks in the week of 1 May 2026. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What dividend does Matthews International pay? Matthews International Corporation paid $1.02 per share over the last four reported quarters. The most recent declaration was $0.26 for Jun 2026. At today's price of $20.32 that is a yield of 5.02%, based on dividends already paid, not a forecast. ## Which stock lists is Matthews International on? Matthews International is not in the Nasdaq 100, the S&P 500 or the Dow Jones 30, and is not on the US tech stocks list. ## Is Matthews International profitable? Matthews International Corporation posted a net loss of $23.7 M in the Jun 2026 quarter. The full FY25 year was a loss of $24.5 M. That loss is 9.6% of the quarter's revenue. The same quarter a year earlier earned $15.4 M. 7 of the last 12 reported quarters were loss-making. Jun 2026 profit was −$23.7 M, −254.0% on a year earlier. ## How much revenue does Matthews International make, and is it growing? Matthews International Corporation reported $246 M of revenue in the Jun 2026 quarter, −29.6% on the same quarter a year earlier. Over 4 years it has grown −2.7% a year on average. The last full year, FY25, came in at $1.5 B. The last four reported quarters add to $1.1 B. FY25 revenue was $1.5 B, −16.6% on the year before. Recent pace: the last four quarters grew −31.7% on average, against −2.7% a year over the longer run, so this year is growing slower than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew −31.8%, against −22.2% a year over the last 8 quarters (rolling over). ## How much of every $100 of sales does Matthews International keep? Matthews International Corporation's operating margin was −2.7% in the Jun 2026 quarter, 8.6 percentage points lower than the same quarter a year ago. Across 5 years it has been between 2.2% and 5.7%. The latest quarter is below every full year in that period. Why the margin moved: operating margin changed −8.6 percentage points on the year while gross margin changed +2.2 points. So the drop came mostly from costs below the gross margin, such as staff and overheads, measured against sales. ## Is Matthews International's profit turning into cash? Over the last 2 years, 574% of Matthews International Corporation's reported profit came in as cash from its operations, so the profit is backed by cash. In FY25 its operations used $23.6 M of cash, against −$24.5 M of profit. After $35.8 M of spending on assets, free cash was −$59.4 M: it spent more than its operations brought in. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why: the cash figure is clear, but the day counts behind it are not in our data, so we show it without guessing the reason. What to look at next: the main use of cash is spending on assets. The next section checks what that spending is building. ## Where does Matthews International's cash go? Matthews International Corporation does not report the customer, stock and supplier day counts a cash cycle needs, so this section looks at its spending on assets instead. It spent $132 M on assets over the last 3 years. Averaged over those years that is 2.9% of FY25 revenue a year. Nothing is estimated in place of the missing day counts, so no cash-cycle chart is drawn. Spending on assets: $132 M over the last 3 years. In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns. ## What is Matthews International's P/E ratio, and how does it compare with its own history? Matthews International Corporation's P/E is 89.0×, with too little history to compare. This compares the share price with the company’s own past. It does not say what the business is worth. In short: there is too little history to say whether the multiple is high or low for this company, so the earnings trend underneath matters more than the multiple. ## Is the Matthews International business getting better or worse? Matthews International Corporation's business trend cannot be read yet. There are fewer than eight usable quarters of growth figures, so there is not enough history to read the trend. This is based on 12 quarters of 2 measures, with some gaps. Why it matters: with too little history, we say so rather than guess a direction. One or more growth lines have an extreme jump caused by comparing with a near-zero or loss-making quarter. Those jumps are capped before reading and drawn at the edge of the chart, so one odd quarter does not decide the result. There are fewer than eight usable quarters, so this page does not guess a direction from so little history. ## How much does Matthews International earn on its capital? Matthews International Corporation earned a ROE of −5% in FY25. That is up from a low of −21% in FY22. Its return on capital used (ROIC) is 13.0 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a −1.6% net margin and 0.88× asset turnover (sales divided by assets). Why the return is what it is (FY25): a −1.6% net margin × 0.88× asset turnover × 3.52× leverage (assets divided by equity) ≈ −5.0% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 2.5% − −10.5% = +13.0 percentage points. The −10.5% is an estimate of this company's own cost of capital. Read the sign and size of the gap, not the decimals. A gap this wide means each dollar put back into the business creates more than a dollar of value. The 2.5% ROIC above is the latest reading, as reported. The yearly chart below shows FY25 at −5.1%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Matthews International have too much debt? Matthews International Corporation has total debt of $628 M against shareholder equity of $486 M as of Jun 2026, so its debt is 1.29× its equity. Year by year, that ratio went from 1.33 in FY21 to 1.59 in FY25. Keep that borrowing in mind when reading the returns on this page. ## What is the Matthews International shareholding pattern? 19.4% of Matthews International Corporation's tradable shares are in short positions, which are bets that the price will fall, so a large group of traders is betting against it. At normal trading volumes, closing those positions would take about 4.3 days. US companies do not publish a quarter-by-quarter list of owners, so this page uses short interest instead. It is a single reading at one point in time; we do not have its history. Why it is at this level: the figure does not say who holds the short positions or why, so we show the level without guessing the story. ## How far is Matthews International from balance-sheet trouble? For Matthews International Corporation, the Z-score is 1.85. A Z-score above about 3 is safe and below about 1.8 signals danger, so this is in the grey area between the two. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. Why it matters: a Z-score of 1.85 is in the grey area, neither clearly safe nor clearly in trouble. ## How does Matthews International rank in its industry? 29.8 out of 100, rank 19 of 20 in Conglomerates, with 64% of the evidence available. Matthews International Corporation scores 29.8 out of 100 against the 20 companies it is compared with in Conglomerates, ranking 19. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 8.1 + 5.9 + 9.5 + 6.3 = 29.8. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Matthews International compared with? Matthews International ranks 19 of 20 Conglomerates companies on the 4-Factor Sector Score, with 29.8 out of 100. 1. [RCM Technologies, Inc.](https://www.sectoralpha.in/us/stocks/rcmt) RCMT · leader · Too little evidence to rank firmly · 58% evidence 72.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.5/35 · Revenue n/a · Profit n/a · Operating margin change 2.9 points · 45% evidence Capital efficiency 19.7/25 · ROCE 31.5% · Operating margin 8.5% · 76% evidence Valuation 10.2/20 · P/E 11.8× · PEG n/a · 15% evidence Relative strength 19.0/20 · Lead over its industry 25.7% · Lead over S&P 500 22.2% · 1 year 73.8% · 100% evidence · 12 of 12 weeks ahead Exact sum: 23.5 + 19.7 + 10.2 + 19 = 72.4 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 2. [Valmont Industries, Inc.](https://www.sectoralpha.in/us/stocks/vmi) VMI · basing · Evidence leans up · 85% evidence 63.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.7/35 · Revenue 4.6% · Profit 100% · Operating margin change 2.2 points · 95% evidence Capital efficiency 20.1/25 · ROCE 22.2% · Operating margin 15.7% · 76% evidence Valuation 13.2/20 · P/E 17.1× · PEG 0.58 · 65% evidence Relative strength 4.6/20 · Lead over its industry -12.4% · Lead over S&P 500 -14.9% · 1 year 3.2% · 100% evidence · 0 of 12 weeks ahead Exact sum: 25.7 + 20.1 + 13.2 + 4.6 = 63.6 · What this means: Earnings are strong; relative strength in its sector is -12.4% and the one-year return is 3.2%. 3. [Deluxe Corporation](https://www.sectoralpha.in/us/stocks/dlx) DLX · quiet · Evidence leans up · 81% evidence 59.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.2/35 · Revenue 0.2% · Profit 74.1% · Operating margin change 0.1 points · 83% evidence Capital efficiency 15.9/25 · ROCE 12.2% · Operating margin 12.2% · 76% evidence Valuation 15.5/20 · P/E 10.9× · PEG 0.23 · 65% evidence Relative strength 8.1/20 · Lead over its industry -8.6% · Lead over S&P 500 -11.2% · 1 year 13.1% · 100% evidence · 0 of 12 weeks ahead Exact sum: 20.2 + 15.9 + 15.5 + 8.1 = 59.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [Honeywell International Inc.](https://www.sectoralpha.in/us/stocks/hon) HON · quiet · Too little evidence to rank firmly · 56% evidence 59.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.2/35 · Revenue n/a · Profit n/a · Operating margin change 6.7 points · 39% evidence Capital efficiency 16.6/25 · ROCE 11.2% · Operating margin 16.9% · 76% evidence Valuation 9.3/20 · P/E 37.6× · PEG n/a · 15% evidence Relative strength 10.6/20 · Lead over its industry -3.1% · Lead over S&P 500 -5.7% · 1 year 12.2% · 100% evidence · 0 of 12 weeks ahead Exact sum: 23.2 + 16.6 + 9.3 + 10.6 = 59.7 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 5. [Pampa Energía S.A.](https://www.sectoralpha.in/us/stocks/pam) PAM · quiet · Evidence leans up · 75% evidence 58.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.7/35 · Revenue 28.9% · Profit 29.2% · Operating margin change n/a · 67% evidence Capital efficiency 15.2/25 · ROCE 6.7% · Operating margin 45.1% · 76% evidence Valuation 14.9/20 · P/E 8.1× · PEG 0.27 · 65% evidence Relative strength 2.7/20 · Lead over its industry -25% · Lead over S&P 500 -26.8% · 1 year -25% · 100% evidence · 0 of 12 weeks ahead Exact sum: 25.7 + 15.2 + 14.9 + 2.7 = 58.5 · What this means: Earnings are strong; relative strength in its sector is -25% and the one-year return is -25%. 6. [3M Company](https://www.sectoralpha.in/us/stocks/mmm) MMM · turning · Evidence leans up · 85% evidence 56.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.2/35 · Revenue 1.7% · Profit 4.8% · Operating margin change -0.7 points · 95% evidence Capital efficiency 18.9/25 · ROCE 18.3% · Operating margin 23.7% · 76% evidence Valuation 4.7/20 · P/E 23.9× · PEG 3.33 · 65% evidence Relative strength 18.1/20 · Lead over its industry 14.5% · Lead over S&P 500 11.9% · 1 year 17.7% · 100% evidence · 4 of 12 weeks ahead Exact sum: 15.2 + 18.9 + 4.7 + 18.1 = 56.9 · What this means: Relative strength against the index is 11.9%, and revenue and profit growth are weak. 7. [Tejon Ranch Co.](https://www.sectoralpha.in/us/stocks/trc) TRC · basing · Evidence leans down · 74% evidence 47.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.3/35 · Revenue 26.7% · Profit n/a · Operating margin change 51.2 points · 62% evidence Capital efficiency 7.4/25 · ROCE -0.1% · Operating margin 2.4% · 76% evidence Valuation 8.2/20 · P/E 83.6× · PEG 1.63 · 65% evidence Relative strength 8.2/20 · Lead over its industry -10.1% · Lead over S&P 500 -12.6% · 1 year 1.5% · 100% evidence · 0 of 12 weeks ahead Exact sum: 23.3 + 7.4 + 8.2 + 8.2 = 47.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [Compass Diversified](https://www.sectoralpha.in/us/stocks/codi) CODI · turning · Evidence leans down · 64% evidence 46.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 8.3/35 · Revenue -4.8% · Profit n/a · Operating margin change -3.1 points · 62% evidence Capital efficiency 8.2/25 · ROCE 3.6% · Operating margin 6.9% · 76% evidence Valuation 11.2/20 · P/E -5.4× · PEG n/a · 15% evidence Relative strength 19.1/20 · Lead over its industry 33.8% · Lead over S&P 500 29.1% · 1 year 106.9% · 100% evidence · 4 of 12 weeks ahead Exact sum: 8.3 + 8.2 + 11.2 + 19.1 = 46.8 · What this means: Relative strength against the index is 29.1%, and revenue and profit growth are weak. 9. [Boston Omaha Corporation](https://www.sectoralpha.in/us/stocks/boc) BOC · quiet · Evidence leans down · 64% evidence 46.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 14.0/35 · Revenue 4% · Profit -900% · Operating margin change -0.6 points · 62% evidence Capital efficiency 5.5/25 · ROCE -0.6% · Operating margin -3.3% · 76% evidence Valuation 11.5/20 · P/E -344.2× · PEG n/a · 15% evidence Relative strength 15.1/20 · Lead over its industry 4.4% · Lead over S&P 500 1.8% · 1 year 12.8% · 100% evidence · 2 of 12 weeks ahead Exact sum: 14 + 5.5 + 11.5 + 15.1 = 46.1 · What this means: Relative strength against the index is 1.8%, and revenue and profit growth are weak. 10. DMC Global Inc. BOOM · turning · Evidence leans down · 64% evidence 46.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 11.2/35 · Revenue -4.7% · Profit n/a · Operating margin change -0.2 points · 62% evidence Capital efficiency 5.8/25 · ROCE -1.1% · Operating margin 3.5% · 76% evidence Valuation 11.3/20 · P/E -6.4× · PEG n/a · 15% evidence Relative strength 17.8/20 · Lead over its industry 14.3% · Lead over S&P 500 11.4% · 1 year 30.8% · 100% evidence · 1 of 12 weeks ahead Exact sum: 11.2 + 5.8 + 11.3 + 17.8 = 46.1 · What this means: Relative strength against the index is 11.4%, and revenue and profit growth are weak. 11. Mammoth Energy Services, Inc. TUSK · quiet · Evidence leans down · 64% evidence 45.5 out of 100 Growth Capital Valuation Relative
12. [Otter Tail Corporation](https://www.sectoralpha.in/us/stocks/ottr) OTTR · quiet · Evidence leans down · 81% evidence 45.3 out of 100 Growth Capital Valuation Relative
13. [NN, Inc.](https://www.sectoralpha.in/us/stocks/nnbr) NNBR · losing its lead · Evidence leans down · 61% evidence 44.2 out of 100 Growth Capital Valuation Relative
14. [FTAI Infrastructure Inc.](https://www.sectoralpha.in/us/stocks/fip) FIP · basing · Evidence leans down · 64% evidence 41.5 out of 100 Growth Capital Valuation Relative
15. [Seaboard Corporation](https://www.sectoralpha.in/us/stocks/seb) SEB · quiet · Too little evidence to rank firmly · 58% evidence 41.1 out of 100 Growth Capital Valuation Relative
16. [Brookfield Business Corporation](https://www.sectoralpha.in/us/stocks/bbuc) BBUC · turning · Evidence leans down · 71% evidence 40.8 out of 100 Growth Capital Valuation Relative
17. [Falcon's Beyond Global, Inc.](https://www.sectoralpha.in/us/stocks/fbyd) FBYD · basing · Evidence leans down · 71% evidence 36.4 out of 100 Growth Capital Valuation Relative
18. [TETRA Technologies, Inc.](https://www.sectoralpha.in/us/stocks/tti) TTI · basing · Most evidence points down · 71% evidence 31.4 out of 100 Growth Capital Valuation Relative
19. Matthews International Corporation this page MATW · basing · Most evidence points down · 64% evidence 29.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 8.1/35 · Revenue -31.8% · Profit n/a · Operating margin change -8.6 points · 62% evidence Capital efficiency 5.9/25 · ROCE -0.9% · Operating margin -2.7% · 76% evidence Valuation 9.5/20 · P/E 35.5× · PEG n/a · 15% evidence Relative strength 6.3/20 · Lead over its industry -21.5% · Lead over S&P 500 -23.6% · 1 year -11.7% · 100% evidence · 0 of 12 weeks ahead Exact sum: 8.1 + 5.9 + 9.5 + 6.3 = 29.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 20. [MaxsMaking Inc.](https://www.sectoralpha.in/us/stocks/mamk) MAMK · Too little evidence to rank firmly · 31% evidence 43.7 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led S&P 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led S&P 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Conglomerates](https://www.sectoralpha.in/us/sectors/conglomerates), all 20 compared on one page. ## Which companies are close to Matthews International in size? Matthews International is the 13th largest of 19 Conglomerates companies on Sector Alpha by market value (scores of 4 November 2026). Just above it: TETRA Technologies, Inc., Falcon's Beyond Global, Inc. and Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria. Just below it: Tejon Ranch Co., Boston Omaha Corporation and FTAI Infrastructure Inc. ### Conglomerates companies close in size

1. [TETRA Technologies, Inc.](https://www.sectoralpha.in/us/stocks/tti) $917 million
2. [Falcon's Beyond Global, Inc.](https://www.sectoralpha.in/us/stocks/fbyd) $743 million
3. [Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria](https://www.sectoralpha.in/us/stocks/cresy) $708 million
4. Matthews International Corporation $634 million
5. [Tejon Ranch Co.](https://www.sectoralpha.in/us/stocks/trc) $440 million
6. [Boston Omaha Corporation](https://www.sectoralpha.in/us/stocks/boc) $422 million
7. [FTAI Infrastructure Inc.](https://www.sectoralpha.in/us/stocks/fip) $325 million

[All 19 Conglomerates companies, largest first](https://www.sectoralpha.in/us/sectors/conglomerates#all-companies)

### Companies close in size in other industries

1. [Lincoln Educational Services Corporation](https://www.sectoralpha.in/us/stocks/linc) $638 million · Education & Training Services
2. [Bitgo Holdings, Inc.](https://www.sectoralpha.in/us/stocks/btgo) $637 million · Capital Markets
3. Matthews International Corporation $634 million
4. [SL Science Holding Limited](https://www.sectoralpha.in/us/stocks/slbt) $633 million · Biotechnology
5. [Sigma Lithium Corporation](https://www.sectoralpha.in/us/stocks/sgml) $633 million · Other Industrial Metals & Mining

## What else do people ask about Matthews International? ### What were Matthews International's latest quarterly results? Matthews International Corporation reported revenue of $246 M and a net loss of $23.7 M for the Jun 2026 quarter. Revenue fell 29.6% and profit fell 254.0% compared with a year earlier. Earnings per share were −$0.75. The operating margin was −2.7%, 8.6 percentage points lower than a year earlier (as of 4 November 2026). ### What is Matthews International's market cap? Matthews International Corporation's market capitalisation is $634 M at a stock price of $20.32. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### How is Matthews International performing? Matthews International Corporation's latest readings are below. In its latest quarter, revenue fell 29.6% and profit fell 254.0% compared with a year earlier. Over the past 13 weeks it has done worse than the S&P 500, for 27 weeks running. This describes what the data did, not a rating (as of 4 November 2026). ### Will Matthews International's stock price go up? This page does not forecast Matthews International Corporation's stock price. What it shows instead: the stock price is $20.32. Nobody can reliably say which way a price will move, and this site does not try (as of 4 November 2026). ### Is Matthews International's profit real cash? Yes, over the last 2 years, 574% of Matthews International Corporation's reported profit came in as cash from operations. The latest year was lower at 96%, so the trend is worth watching. In FY25, operating cash was −$23.6 M against reported profit of −$24.5 M. Most of that cash then goes into building new capacity. These are yearly figures (as of 4 November 2026). ### Where is Matthews International in its business cycle? Matthews International Corporation's FY25 operating margin was 2.8%, against a 5-year range of 2.2% to 5.7%: the low end of its own range, which is often where recoveries start. The latest quarter was −2.7%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the Matthews International story? Biggest thing to watch: the price is not yet in a clear uptrend, so timing is the risk more than the business. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026). ### Is Matthews International a stock worth studying right now? What the numbers show: Matthews International Corporation's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. The main open question: the next one or two quarters of results. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). This is research, not advice. We’re not SEBI-registered.